On a purchase price basis, what a basket of goods costs compared to the US, China already is the world’s largest economy, though not so far on a GDP basis.

Economic analysts call China’s growth from 1979 to 2019 one of the greatest economic success achievements in modern times.

Initiated by Deng Xiaoping, he called the process “crossing the river by touching the stones” — aided by large-scale domestic and foreign investment, productivity gains, significant economic stimulus and expansive monetary policy.

Last August, Ellen Brown explained that “neoliberalism met its match in China (by) subsidiz(ing) worker costs (and) the costs of its businesses,” adding:

Around 80% of banks are nationalized. “The government owns 80% of the banks, which make loans on favorable terms to domestic businesses, especially state-owned businesses.”

“Typically, if the businesses cannot repay the loans, neither the banks nor the businesses are put into bankruptcy, since that would mean losing jobs and factories.”

“(N)on-performing loans are…written off.No private creditors are hurt, since the creditor is the government.”

The Fed “keeps beating (the economy) until it either turns into a horse or drops dead from too much beating.”

Fed policy has nothing to do with longterm growth, everything to do with helping bankers, other corporate favorites, and large investors — at the expense of sustainable growth since the 1990s.

Grantham stressed that the “real world is the quantity and quality of your people, and the quality and quantity of capital spending.”

“Are you building new machines? Are you being inventive?” Are you educating a new generation properly?

“We’re in this death grip that only paper things matter.”

David Stockman called money printing madness and bailouts the “most shameful chapter in American financial history” — grand theft by any standard by wrecking economies to benefit Wall Street and other corporate favorites while waging war on social justice.

Michael Hudson explained that debts too high to be repaid won’t be.

Money power in private hands created unsustainable consumer and corporate debt, record budget and trade deficits, out-of-control national debt, an unprecedented wealth gap, along with Depression-level unemployment, poverty, homelessness, food insecurity and hunger — at a time when things are heading toward getting much worse.

The US is waging war on China by other means, wanting its economic, financial, industrial, technological, and military development undermined.

Was COVID-19 introduced in China by the US as part of its strategy to try achieving the above aims?

Throughout the post-WW II period, the US waged war by hot and other means on numerous countries to smash their infrastructure, massacre their people, crush their economies, and immiserate their population — aiming to transform them into vassal states.

Global COVID-19 outbreaks aren’t remotely near epidemic and pandemic levels, but there’s risk that things could could reach them in countries hit hardest or globally.

As of Monday, 340,000 cases were reported worldwide, less than 15,000 deaths.

US Centers for Disease Control and Prevention (CDC) estimatedat least 38 million US flu illnesses, 390,000 hospitalizations, and 23,000 deaths this flu season (beginning last October) through mid-March — the season lasting until end of May.

Worldwide the number of seasonal flu/influenza cases is many times the above numbers with no fear-mongering headlines scaring people to death.

The difference between seasonal flu and COVID-19 is the latter is highly contagious and only experimental cures exist.

Clearly the disease is cause for concern, but proper actions by ruling authorities can control it.

In China, the rate of transmission keeps falling, though it’s unknown whether a new wave could erupt.

Beijing took draconian measures to achieve dramatic results.

No nations are out of the woods, things highly likely to worsen ahead before improving.

Responsible government actions and personal efforts to stay safe are needed to defeat COVID-19.

Like other times of public angst, this too shall pass.

Of much greater concern is whether the public welfare will be gravely harmed in the US and elsewhere on the phony pretext of providing greater security.

Stephen Lendman was born in 1934 in Boston, MA. In 1956, he received a BA from Harvard University. Two years of US Army service followed, then an MBA from the Wharton School at the University of Pennsylvania in 1960. After working seven years as a marketing research analyst, he joined the Lendman Group family business in 1967. He remained there until retiring at year end 1999. Writing on major world and national issues began in summer 2005. In early 2007, radio hosting followed. Lendman now hosts the Progressive Radio News Hour on the Progressive Radio Network three times weekly. Distinguished guests are featured. Listen live or archived. Major world and national issues are discussed. Lendman is a 2008 Project Censored winner and 2011 Mexican Journalists Club international journalism award recipient.

About Stephen

Stephen Lendman was born in 1934 in Boston, MA. In 1956, he received a BA from Harvard University. Two years of US Army service followed, then an MBA from the Wharton School at the University of Pennsylvania in 1960. After working seven years as a marketing research analyst, he joined the Lendman Group family business in 1967.